According to a new survey, two-thirds of Australians believe that now is a good time to buy a house, the highest level since mid-2019.
The investigation found that many people quickly got rid of the gloom of the real estate market and were more confident in buying real estate than before the epidemic.
This monthly national survey is conducted by the comparison platform Finder with more than 2.3 people.In April last year, Australia entered the lockdown and prepared to deal with what is expected to be the worst recession since the Great Depression. Only 4% of the respondents believed that it was a good time to buy real estate.
Finder manager Graham Cooke said that when the new crown virus began to spread in Australia, the public's perception of the safety of the housing market was greatly affected.
"No one knows how big this epidemic is and how it will affect the economy," he said.
"But this situation quickly eased and people are now more enthusiastic about buying real estate than (before the outbreak)."
The survey also found that those predicting a "rise" in real estate values rose to 4% from a low of 18% in April.
Cook said that compared with the public, major economists have even more positive views on the economy and the real estate market.
Finder conducted a survey of more than 12 economists in December last year, and they all believe that Australia will emerge from recession in 40.
After a bleak 2020, is now a golden opportunity for buyers and sellers?Or should everyone proceed with caution when considering entering the real estate game?
CommSec chief economist James (Craig James) said the outlook for national real estate is encouraging.
He said, "Currently, no matter where you go, house prices are rising. Last month, only two of the 88 districts saw house prices fall. This is an amazing result."
But experts warn that if the border continues to close and the number of immigrants and international students declines, the prices of inner-city apartments may continue to fall this year, especially in Melbourne and Sydney.
James said that there are two main factors at work in the real estate market: interest rates and job security.
He said, “The central bank is basically saying that the cash interest rate will remain stable within three years, which gives people a certain degree of confidence.
I think it’s exciting whether you are an owner-occupier or an investor. "
The unemployment rate in Australia is also expected to peak, well below the level initially expected.
"But the problem is that we need to remain vigilant against changes in the economy and national health conditions," he added.
He was referring to the new coronavirus outbreak and the possibility of more lockdowns.
"Until most people are vaccinated, we can never be too complacent."
He also warned that this also includes the risk of policy errors, especially around the economic stimulus plan launched last year.
"If the Reserve Bank and the federal, state, and territorial governments want to reduce some support measures, they need to take a moderate approach, otherwise the economy will fall into a downturn again."
The buyer's broker and CEO of propertybuyer.com.au, Rich Harvey, reminded sellers and buyers that there will be "economic turmoil" in 2021.
He also said that JobKeeper's end of the second quarter may have a "weak impact" on the real estate market.
Harvey said, “Some commentators have hinted that there will be a large number of mortgage defaults, but the evidence is very insufficient.
My advice to buyers is not to rush, but also not to drag things out. "
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